History of Bitcoin and NFTs
The relationship between Bitcoin and NFTs (non-replaceable tokens) actually dates back to 2012. At that time, Bitcoin already had a means of creating digital assets called Colored Coins. This project made it possible to associate real-world services and assets with Bitcoin transactions using EPOBC.
Colored Coins differed from standard Bitcoins by assigning tag values.
Later, in 2014, the first NFT associated with Bitcoin came in the form of Namecoin. This bitcoin was called “Quantum” and included a unique generative artwork by Kevin and Jennifer McCoy.
This work was an important event that brought digital art and technology (DLT) together and was a notable moment in digital art on Bitcoin-related platforms.
In 2015 and 2016, the famous card trading game “Spells of Genesis” was created using NFT on the Bitcoin blockchain. Around the same time, a Bitcoin NFT project called Rare Pepe Cards was also launched. These games illustrate Counterparty’s role in introducing NFTs to the bitcoin community.
In 2017, changes were made to how bitcoin transactions are organized, introducing a new mechanism called Segregated Witness (Segwit). This allows for more data to be included in a transaction without the transaction becoming too large.
Then in 2021, an even more significant upgrade was the introduction of Taproot. This upgrade made it easier for users to add additional information to their bitcoin transactions.
And now, Rodarmor’s NFTs, Inscriptions and Ordinals, are in the spotlight. These utilize the unique way Bitcoin tracks unused transaction output (UTXO) on the Bitcoin network.
Bitcoin NFTs utilize UTXOs used in bitcoin transactions. Bitcoin transactions are recorded as a number of “Unspent Transaction Outputs” (UTXOs) and the Bitcoin system tracks these UTXOs individually.
The creator of a bitcoin NFT tags a particular UTXO as an NFT, and by owning that UTXO, he or she owns the NFT.
Thus, the history of bitcoin and NFTs has evolved at the intersection of technology and art. And that evolution continues to this day.
※reference URL:The History of Bitcoin NFTs – A Step-by-Step Timeline
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